Nearly All NYC Residents Own Cellphones, City Says

About 96 percent of New York City residents own cellphones, and 80 percent own smartphones, said a study from the New York City Department of Consumer Affairs. The study was sponsored by Capital One and the MetLife Foundation and aimed to "analyze the needs, barriers, and opportunities to increase financial inclusion through mobile financial services use." The study also showed that 66.5 percent of city residents who had no income still have smartphones. Mobile phone usage and ownership varied a little by banking status, with about 95 percent of banked respondents reported owning a cellphone, 79 percent of whom owned a smartphone, the study said. The report said, "Someone who is 'underbanked' has a bank or credit union account but also uses alternative financial services such as a check cashing service, money order, payday loan, pawnshop loan, reloadable prepaid debit card, or payroll card from an employer." About 90 percent of unbanked respondents owned a cellphone, with 73 percent reporting having a smartphone, and 98 percent of the underbanked owning a cellphone, 80 percent of whom had a smartphone, it said. Immigrant respondents and those who were between the ages of 18 and 29 were among the highest groups to have a smartphone, at 93 percent and 94 percent respectively.